Cryptocurrencies don’t seem to be stopping the incredible bullish run of the last 5-6 months. They keep making new highs and taking turns on leading tis market, which has taken central stage since the coronavirus pandemic started a year ago.
The crypto market offers a safe haven place in times of global change, when now one knows how fiat currencies will end up. As a result, they have been absolutely surging and LITECOIN started to join in November last year.
Although, despite the strong bullish move, Litecoin still remains below 2017 highs of $385. Although it is heading there and the steady bullish trend of the last months confirms that. The 20 SMA (gray) has been doing a great job in providing support on the H4 chart, but it hasn’t been above to catch up with the price in recent days, also confirming that the trend is quite strong.
We are long on Litecoin since February, when we bought during that big crash. We did pull the trigger a bit prematurely, but now the price is back up and we are around 7,000 in profit, as Litecoin has climbed above $270. We’re holding on to that trade, since buyers seem in total control, so let’s see where they will take us.